Damiani becomes the first foreign jeweller to get the FIPB approval to invest directly in retail in India
October 2012: Italian jewellery brand Damiani has received an approval from the Foreign Investment Promotion Board, Government of India to acquire 51% of Damiani India Pvt Ltd – the company managing the Damiani store in New Delhi. The first Damiani flagship store launched at the Oberoi hotel, New Delhi, earlier this year.
Damiani is pursuing to establish a joint venture with their Indian partners.
Mr Guido Damiani, President & CEO of Damiani Group, said, “We are very proud to be the first foreign investor to secure approval from the Government of India to invest in jewellery retail in India. After opening the first Damiani store in Delhi, we are looking for the right location in Mumbai. We are also evaluating to enter the Indian market for our brands Salvini and Rocca, our high-end watch and jewelry retail chain.”
We wish the brand a sparkling journey in India!